Boulder Total Return Fund, Inc. (NYSE: BTF) (the “Fund”) is pleased to
announce that it intends to redeem all 680 outstanding shares of its
Taxable Auction Market Preferred Stock (CUSIP No. 101541308) (the
“AMPS”). The Fund will redeem the AMPS on April 10, 2013 at a price
equal to the per share liquidation preference of $100,000 plus
accumulated and unpaid dividends.

The Fund has entered into a Committed Facility Agreement with a
financial institution to provide the financing to redeem the AMPS. The
Fund’s board of directors approved the refinancing, which is expected to
lower the costs of leverage for the Fund.

The Fund’s obligation to redeem the AMPS is contingent upon it
having sufficient funds available to it through its borrowing
arrangement to fund the redemption.